case that the recovery act, the actions of the federal reserve, the autos, even the much distasteful t.a.r.p. helped to accelerate those corrections. >> peter, can we expect the fed do you think will do another round of quantitative easing? if we get a qe-3, project out for me what does that do, do you think, to october jobs numbers, the last numbers before the november election? >> i do think we'll get another round of quantitative easing, thousand it will be redundant because of all the money from europe and already pushed down rates. it won't have a lot of consequence for october. i think jared and i, you know, both have studied economics for many years would agree those are consequences with a lag, and there's little the fed can do to influence the outcome of the election. ingts sad that the fed will act, because i don't think it will do much good. they're doing it because of political pressure, and i believe it is a mistake. >> do you agree with that? >> it's totally agree with the point about the lag, but no.